Access Bank, one of Nigeria’s largest banks by assets that provides commercial banking services, has announced plans to set up operations in Morocco as part of its ambitious pan-African growth expansion strategy.
This move comes after the bank became the first financial institution to meet the Central Bank of Nigeria’s (CBN) N500 billion new minimum capital requirements for commercial banks with international authorization, ahead of the March 2026 deadline.
This follows the announcement by Access Holding Plc, the parent company of the bank, of securing “full regulatory approval” from the CBN and Security and Exchange Commission (SEC) for its Rights Issue.
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With its recent expansion to Morocco, Access Bank views the country as a strategic gateway linking Sub-Saharan Africa and Europe, making it an essential hub for facilitating South-South economic exchanges. The expansion into Morocco is part of Access Bank’s broader $1.5 billion fundraising plan to support its expansion into North Africa, Egypt, and the United States.
Lately, Access Bank has been on an expansion spree across Africa, as recent acquisitions underline the bank’s commitment to growth across the continent. It currently operates through a network of about 366 branches across major cities and commercial centers in Nigeria, Gambia, Sierra Leone, Zambia, Rwanda, and the Democratic Republic of Congo. The Bank is consistently seeking ways to expand its service platform across the African continent.
Recall that a month ago, Access Bank announced that it had successfully completed the acquisition of Standard Chartered Bank Angola S.A and Standard Chartered Bank (Sierra Leone) Limited. Notably, the bank announced that it is working to finalize the acquisition of Standard Chartered Bank’s subsidiaries in Cameroon and The Gambia, as well as its Consumer, Private, and Business Banking operations in Tanzania. Additionally, the bank expects approval from the Central Bank of Kenya (CBK) by March 2025 to acquire Kenya Commercial Bank’s stake in the National Bank of Kenya.
Access Bank has been able to establish itself as a reliable bridge between individuals and corporate bodies looking to invest, those who need fast cash for business or personal reasons. The bank aims to double its international assets by 2027, solidifying its position as a leader in pan-African banking. By establishing operations across the African region, the pan-African bank seeks to gain a foothold across the African economies, moving it one step closer to its goal of becoming Africa’s Gateway to the World.
The numerous expansion further enhances Access Bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities.